Investcorp Buys $400M Portfolio
The deals take the firm's total acquisitions for the last 12 months past $1 billion.
Solis at Flamingo, Las Vegas (PRNewsFoto/Investcorp)
By Dees Stribling, Contributing Editor
New York—Investcorp’s U.S.-based real estate arm, through separate transactions, has acquired a portfolio of eight residential properties in the metro areas of Las Vegas, Denver, Chicago, Atlanta and Dallas for a total of about $400 million. The deals take the firm’s total acquisitions for the last 12 months past $1 billion.
All eight are rental properties in major U.S. markets. “In an environment in which the U.S. homeownership rate has dropped to a 50-year low, these acquisitions affirm our confidence in multifamily rental properties in major U.S. markets,” noted Herb Myers, Investcorp managing director, real estate investments. The company plans make renovations to the properties.
Investcorp acquired each of the properties through joint ventures with local and regional operating partners. The eight properties total about 3,400 multifamily units, and their average occupancy is about 96 percent.
The properties involved in the deal include Solis at Flamingo in Las Vegas, a garden-style community near the Strip and McCarran International Airport, and the Reserve at Hoffman Estates in the northwest suburbs of Chicago. In metro Atlanta, the portfolio includes Rosemont Vinings Ridge in the Cumberland/Galleria submarket, not far from the new baseball stadium for the Atlanta Braves.
In Texas, the buy includes American Communities Portfolio, which is Irving and Plano, two northern suburbs of Dallas. In Colorado, it includes Cherry Creek Club, in the Glendale/Cherry Creek submarket of Denver.
